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While working from home can present a major challenge for AR teams receiving checks in the mail, Biegel noted that more often, businesses are accepting these payments via banks’ lockbox services. Yet payers include a vast array of information with their check payments, and lockbox providers relay that data in different ways.
Looking to automate the mundane & mechanical PaymentReconciliation process? Try Nanonets ™ AI-based OCR solution to automate PaymentReconciliation in your organization! Both payer and payee receive notifications of funds transfer, which makes it a dependable process. per check avoided.
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